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State Bank of India (SBI) is an Indian multinational, public sector banking, and financial services company. It is a government-owned corporation with its headquarters in Mumbai. The origin of the Bank goes back to the first decade of the 19th century. It has more than 18,354 branches, including 191 foreign offices spread across 36 countries, making it the largest banking and financial services company in India by assets. It is one of the Big Four Banks of India, along with ICICI Bank, Bank of Baroda, and Punjab National Bank. SBI provides a wide range of banking products through its network of branches in India and overseas, including products aimed at NRIs. SBI has 14 regional hubs and 57 Zonal Offices located at major cities throughout the country.
About State Bank of India
When it comes to international expansion, SBI has branches in Singapore, Moscow, Colombo, Frankfurt, Hong Kong, Tehran, London, Los Angeles, Muscat, Dubai, New York, Sydney, Tokyo, etc. It has offshore banking units in the Bahamas and Bahrain, and representative offices in Myanmar, Bhutan, and Cape Town. Under the Pradhan Mantri Jan Dhan Yojana of Financial Inclusion launched by the Govt. of India in August 2014, SBI conducted 11,300 camps and opened over 30 lakhs accounts by September. State Bank of India banking services also has a number of associate banks, which use the same logo. It merged with State Bank of Saurashtra in 2008, and with State Bank of Indore in 2010. Besides, State Bank of India services also has the following non-banking subsidiaries – SBI Capital Markets Ltd., SBI Funds Management Pvt. Ltd., SBI Factors & Commercial Services Pvt. Ltd., SBI Cards and Payment Services Pvt. Ltd., SBI DFHI Ltd., SBI Life Insurance Company Ltd., and SBI General Insurance.
Vision and Mission
State Bank of India strives to be prompt, polite and proactive with its customers. It speaks the language of modern India, and endeavours to create products and services that enable customers to achieve their goals. The Bank leaves no stones unturned to make customers feel valued. It is committed to be of service even in the remotest parts of the country. The Bank pledges to follow the highest standards of excellence when it comes to its services, be it in India or abroad. It believes in adopting state of the art technology to boost its services.
State Bank of India Loan
State Bank of India Home Loan : The minimum eligible age for Home Loan is 18 years as on the date of sanction, while the maximum age limit is 70 years, i.e. the age by which the loan should be fully repaid. The actual loan amount will be determined by taking into account a number of factors including the applicant’s income and repayment capacity, age, assets and liabilities, cost of the proposed house/flat, etc. In order to enhance loan eligibility, the Bank gives you the option to d – income of your spouse/son/daughter living with you, provided they have a steady income and his/her salary is maintained with SBI; expected rent accruals if the house/flat being purchased is proposed to rented out; depreciation, subject to some conditions, and regular income from all sources. SBI Loan advantage has led it to win a few awards, and has won immense trust and popularity in all these years. State Bank of India Home Loan include- low processing charges, package of exclusive benefits, low interest rates, no hidden costs or administrative charges, no prepayment penalties, and over 15,969 branches nationwide, so one can get the Home Loan parked at a branch nearest to the present or proposed residence.
State Bank of India Personal Loan : Under the Personal Loan Scheme, the range of options available include, Xpress Credit Loan, SBI Saral Personal Loan, SBI Pension Loan, and Festival Loans. According to Xpress Credit Personal Loan, the employees of Central and State Govt., Central PSUs, educational institutes, selected corporate, etc. maintaining salary account with the Bank at zero margin can avail this loan at very competitive interest rates with fast and easy processing. SBI Saral Personal Loan is available to salaried individuals of quality corporate organizations, self-employed engineers/doctors/architects/chartered accountants, etc. SBI Pension Loan can be availed by Central and State Govt. Pensioners/Defense Pensioners/Family Pensioners, etc. Festival Loans have been tailored to meet any kind of festival related expenses, so that no celebrations are dampened due to unavailability of ready funds. State Bank of India loan details lays down that under this scheme, one can get a minimum of Rs. 5000 while the maximum loan limit is 4 times the Monthly Net Income, subject to a ceiling of Rs. 50,000.
State Bank of India Loan Against Property: Any employee, professional, and self-employed individual who are IT assesses and NRIs who own residential property in his/her own name. The minimum loan amount to be granted under this scheme is Rs. 10 lakhs, while the maximum quantum of finance is Rs. 5 crores, subject to the location of the property as mentioned hereunder. The repayment period is 5 years, subject to the availability of sufficient, regular, and continuous source of income for servicing the loan repayment, given that the expected life of the property, as certified by an empanelled engineer/architect is at least 5 years more than the loan tenor. The minimum monthly income of the borrower should be Rs. 25,000 (or Rs. 3 lakhs per annum). Loan Against Property from State Bank of India allows a customer several advantage, such as, complete transparency in all its operations, easy access to the loan from its wide network of branches, lowest processing charges, long repayment period of 180 months, no hidden costs or administrative charges, no prepayment penalties, etc. In case the property is held jointly with the spouse/children/parents/siblings, then all the joint holders of the property should join as co-borrowers.